The Social Security System (SSS) is set to credit the first batch of November 2020 pension today, October 30, 2020, through its new disbursement method using the Philippine Electronic Fund Transfer System and Operations Network (PESONet) and other checkless disbursement channels.
SSS President and CEO Aurora C. Ignacio said that those covered by the first batch of crediting are pensioners whose date of contingency is from the first to the 15th day of the month and are receiving their monthly pensions through PESONet participating banks, e-wallets such as PayMaya, or the Development Bank of the Philippines (DBP) accredited Remittance Transfer Company (RTC)/Cash Payout Outlet (CPO), currently with M Lhuillier.
"For November 2020, given that its first day is a weekend and a declared holiday, we have completed the funding of the first batch of pension for November 2020 yesterday, October 29. Upon receipt of the funds, our government partner bank – DBP will release them to other PESONet participating banks, e-wallets, and M Lhuillier before 12 noon today," Ignacio said.
"These PESONet participating banks, e-wallets, and RTC/CPO are expected to make the fund available to pensioners starting this afternoon," she added. The first batch of November 2020 pension releases covers more than 1.46 million pensioners with combined pensions for the month amounting to over P6.22 billion.
Ignacio said the new pension crediting schedule for PESONet participating banks and other checkless disbursement channels is aligned with SSS Circular No. 2020-024, which was implemented starting October 2020.
The circular states that there will be two pension crediting batches for the new disbursement method every month. The first batch will be on the first day of the pension month, covering pensioners with dates of contingency from the 1st day to the 15th day of the month.
The second batch will be on the 16th day of the pension month, which covers pensioners whose date of contingency is from the 16th to the last day of the month.
Suppose the credit date falls on a Saturday, Sunday, or holiday. In that case, the pension will be credited to the pensioners' accounts on the last working day before the Saturday, Sunday, or holiday.
The retiree-pensioners' date of contingency is the date they have paid at least 120 contributions and have reached the age of at least 60 years (for optional retirement, except for mineworkers and racehorse jockeys) if already separated from employment or ceased self-employment; or the age of 65 years (for technical retirement, except for mineworkers and racehorse jockeys).
For disability pensioners, the date of contingency is the date of their operation, sickness, or disability, as evaluated by the SSS. In contrast, for survivor (death) pensioners, this is the date of death of the deceased member.
On the other hand, the schedule of crediting of accrued pensions for the resumption of suspended pension due to non-compliance with the Annual Confirmation of Pensioners (ACOP) program is on the 16th day of the following month after compliance with the ACOP has been received and encoded. The pension run for the resumption is done every 20th day of the month.
Meanwhile, pensioners who are still receiving their pensions through non-PESONet participating banks or checks will continue to receive their pensions through their accounts until further notice. Their pensions' crediting schedule will follow the previous disbursement schedule, based on their date of contingency.
This gives them ample time to enroll in a PESONet bank, e-wallet, or RTC/CPO disbursement account with the SSS and their banks to pursue PESONet participation.
For further information on the disbursement of pension through PESONet and other checkless disbursement channels and its corresponding schedule of releases click on this link https://bit.ly/2HHaVi2, follow the SSS on Facebook at “Philippine Social Security System,” Instagram at “mysssph,” Twitter at “PHLSSS,” or join the SSS Viber Community at “MySSSPH Updates.” ###
Source: Business Diary Philippines
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